An action research in eliminating financial report misstatements: Company A as an agent of Company P

• Main Author: Ramos, Kervin M.
• Format: text
• Language: English
• Published: Animo Repository 2018
• Subjects: Financial statements; System analysis; Accounting; Business Administration, Management, and Operations
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/6749
• Institution: De La Salle University

The goal of this action research is to ensure that Company A (manning agent) submits a correct financial report to its Principal (ship/vessel owner). The objective of the project is to eliminate errors and incorrect charging to the vessels’ account with regards to the US Visa payments. The action research project applied Lewin’s 3-Stage Change Model as conceptual framework and to manage the change process. The first cycle of this action research addressed the errors through improvement in the recording process of the US Visa payments and creating a float US Visa payment account to monitor all the payments for pending application. The results of the first cycle showed that the team was able to eliminate errors of commission; however, the Finance and Accounting Department encountered difficulties in monitoring the float account. Thus, the team realized that there were still possibilities that an error will arise, the error of omission. The second cycle of this action research includes additional improvement on the new process which is the collaboration of the Operations Department through preparing a deployment report indicating who among the seafarers deployed have been requested and applied for US Visa. In conclusion, the interventions we made in the first and second cycle of this action research enable us to meet the objective of the project. Stories, outcomes and reflections were recorded using the ORJI framework of Schein (1999). Ladder of inference was also used to reevaluate the researcher’s thought. This action research was completed on October 11, 2018.